Tentative adjustments made for Cherokee County property tax under the state's equalization formula call for an increase in valuations on agricultural and residential properties for tax purposes, as of when property taxes are collected during the fall of 2006.
The state will finalize the adjustments later this month or in September. The tentative plans call for an increase of 10 percent in agricultural land valuations and 9 percent for residential valuations. Farm dwellings are affected by the residential rate rather than the agricultural land rate.
The commercial valuation will not go up under the equalization formula in Cherokee County. The complex formula is used to keep property taxes revenues from the three categories of property at a stable ratio.
Although the news is bad for owners of agricultural and residential property, it is good news for county officials struggling under a 23 percent reduction in agricultural property valuation that went into effect last year.
Equalization orders are issued every two years. Most counties saw a heavy decline in agriculture valuation under the last equalization but this one is widely mixed. Many counties, such as Buena Vista and Ida, will see no adjustment at all in any of the three categories.
Most of the adjustments there are bring the valuation upward, although there are some adjustments downward.